New Delhi, Nov 15: The Enforcement Directorate (ED) has arrested Ocean Seven Buildtech Pvt. Ltd. (OSBPL) Managing Director Swaraj Singh Yadav after conducting searches at nine locations across Delhi-NCR and other regions in a money-laundering probe under the Prevention of Money Laundering Act (PMLA), 2002, an agency statement said on Saturday.

The action stems from allegations that Yadav diverted and laundered funds collected from homebuyers across multiple projects, including those under the Pradhan Mantri Awas Yojana (PMAY).

The searches on Thursday led to the recovery of Rs 86 lakh in cash, suspected to be proceeds of crime, along with incriminating documents and digital evidence.

According to the ED, Yadav orchestrated a large-scale diversion of homebuyer funds through fraudulent cancellation and resale of units at inflated prices, cash-based premiums collected outside banking channels, and misuse of escrow accounts.

He allegedly routed substantial sums into shell entities and concealed cash proceeds with relatives, the ED statement said.

Investigators also found a pattern of rapid liquidation of assets held personally and through company entities in Gurugram, Maharashtra, and Rajasthan, which the agency believes was intended to secure illicit gains and evade legal scrutiny.

His wife and children have already relocated to the United States, the probe revealed.

The agency said Yadav operated a dual-payment mechanism in the resale of PMAY flats and even in the sale of parking spaces — routing only nominal amounts through banks while collecting the bulk in cash. These activities form part of a wider probe linked to multiple FIRs alleging cheating, forgery, and other predicate offences.

Following his arrest, Yadav was produced before the Court of ASJ-06 at Patiala House Courts on Friday, in compliance with Supreme Court directions.

After detailed submissions from both sides and a pass-over granted to allow him legal assistance, the court sent him to ED custody for 14 days, until November 28.

The agency has been directed to produce him before the court at 2 p.m. on the date of expiry of remand.

The ED said it is pursuing further investigation to trace, freeze, and attach assets acquired from the laundered funds, to ensure recovery and restitution to affected homebuyers.

Mumbai, Nov 15: Indian equity markets ended the week on a strong note, with benchmark indices gaining on the resolution of the US government shutdown, supported by strong domestic fundamentals, better-than-expected Q2 earnings, easing inflation and NDA’s historic victory in Bihar, according to analysts.

Record-low October inflation reinforced expectations of an RBI rate cut, adding momentum to domestic equities.

According to Vinod Nair, Head of Research, Geojit Investments Limited, sectoral momentum was broad-based, led by gains in IT, Pharma, healthcare and Auto stocks.

“Toward the week’s close, the NDA’s Bihar election victory bolstered investor confidence, but fading expectations of a U.S. Fed rate cut triggered profit booking in IT stocks, tempering their earlier gains,” he mentioned.

The indices remained under pressure for most of the session on Friday, oscillating between losses and brief recoveries, before a strong late-afternoon rebound pushed them into the green.

Volatility picked up as markets tracked the Bihar election outcome, the day’s key trigger.

Sentiment was also weighed down by weak global cues after Wall Street fell sharply overnight, led by declines in Nvidia and other tech majors as investors dialled back hopes of near-term rate cuts amid lingering inflation worries, according to a note by Bajaj Broking Research.

At close, the Sensex ended 84 points or 0.1 per cent higher at 84,563, while the Nifty finished 31 points up at 25,910. Sectoral trends were mixed, with PSU banks leading gains at 1.17 per cent, followed by firm moves in pharma and FMCG.

Energy and infrastructure saw mild upticks. On the downside, IT declined 1.03 per cent, while auto, metal, and realty ended lower.

Among the broader market space, Nifty Small-cap 100 rose 0.38 per cent, while the Midcap 100 gained 0.08 per cent.

According to analysts, Nifty on the weekly chart has formed a strong bull candle with a higher high and a higher low signaling pullback after two weeks of corrective decline, “in line with our expectations from the key support area of 25,400-25,300”.

Going ahead, bias continues to remain positive and a follow through strength above last month high of 26,100 will open upside towards the previous all-time high of 26,277 in the coming week.

Looking ahead, market direction will hinge on key macro triggers such as India’s PMI data, US jobless claims, FOMC minutes and progress on US–India trade negotiations.

Panvel, November 14: In a major infrastructure push aimed at reducing traffic congestion and improving connectivity, the Panvel Municipal Corporation has cleared a proposal to construct a new bridge over the Gadhi River near the Karanjade sewage pumping station.

Municipal Commissioner and Administrator Mangesh Chitale approved the plan following demands raised by Panvel MLA Prashant Thakur and Uran MLA Mahesh Baldi, who highlighted the daily inconvenience faced by commuters travelling between Panvel, Karanjade and Vadghar’s CIDCO colonies.

According to civic officials, the existing bridge toward Karanjade routinely experiences heavy traffic, often resulting in prolonged congestion. With the upcoming Navi Mumbai International Airport expected to increase traffic volumes even further, the civic body believes the new bridge will be a “critical link” on the Panvel–Karanjade stretch.

The project, with an estimated cost of Rs 48.40 crore, received administrative approval in the General Body. Construction is expected to begin soon.

As per the sanctioned plan, the bridge will feature four lanes, a length of 240 metres, and a width of 21.5 metres. “It will connect Panvel Municipal Corporation’s 40-feet-wide road on the eastern side with CIDCO’s 20-metre-wide road leading to the Karanjade node on the western side.

This connection will significantly streamline traffic and support future vehicular growth,” said Additional Commissioner Ganesh Shete.

For the project, No Objection Certificates (NOCs) will be sought from CIDCO, the Water Resources Department, and the Public Works Department. The conceptual design will undergo technical review and approval by either IIT Mumbai or VJTI Mumbai, City Engineer Sanjay Katekar confirmed.

The civic administration expects the bridge to provide major relief to residents and improve overall mobility in the rapidly developing Panvel–Karanjade region.